The number of Americans filing new jobless claims rose unexpectedly last week, as continued benefits hit a 10th straight record-high, according to a Labor Department report released Thursday. The Labor Department's report showed that initial claims for unemployment insurance rose to a seasonally adjusted 669,000 from the previous week's revised figure of 657,000. That total was above analysts' expectations and the highest in more than 26 years, though the work force has grown by about fifty percent since then. The number of laid-off workers claiming benefits for more than a week rose 161,000 to 5.73 million, setting a record for the 10th straight week. That also was above analysts' expectations and indicates that unemployed workers are having difficulty finding new jobs. The continuing claims data lag the initial claims by one week. An additional 1.5 million people received benefits under an extended unemployment compensation program approved by the U.S. Congress last year. As a proportion of the work force, the number of people on the jobless benefit rolls is the highest since May 1983. The four-week moving average of jobless claims rose to 656,750—the highest since October 1982, when the economy was emerging from a steep recession. Employers are eliminating jobs and taking other cost-cutting measures to deal with sharp reductions in consumer and business spending. The current recession, now in its 17th month, is the longest since World War Two. The jobless claims data come a day before the department is expected to issue another sobering monthly employment report. Economists forecast that report will show employers cut 654,000 jobs in March, while the unemployment rate increased to 8.5 percent from 8.1 percent. Companies cut their payrolls by 651,000 jobs in February, a record third straight month of job losses above 600,000.
